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TMI Blog1980 (10) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 64 (vi) in the assessment of the assessee. 2. That the order of the AAC being erroneous on law and on facts may be set aside and the order of the ITO may be restored. 2. In order to better appreciate the rival submissions of the parties, it would be necessary to reproduce the order of the AAC under appeal which contains the facts of the case, the submission made on behalf of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant was credited in the books of M/s Chhedi Lal Kasera. In asst. yr. 1976-77, these amounts were carried forward in their capital accounts as opening balance. Smt. Saroj Devi received further gifts as Rs. 1,001 and Rs. 5,000 from Shri Shital Prasad and Smt. Bhagwati Devi. Smt. Chandrawati Devi received further gift of Rs. 6,001 from Shri Shital Prasad. The share of profit and interest accrui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw of these two ladies who has also made gifts to them and in whose case also provisions of s. 64 (vi) are applicable. The ITO should revise the assessment accordingly. 3. The ld. Rep. for the Dept. submitted that since Smt. Chandrawati Devi and Smt. Saroj Devi became partners of M/s Chhedi Lal Kasera with help of the gifts received by their from the assessee, the AAC was not justified in holdi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioned in the aforesaid order of the AAC. Therefore, it would not correct to include the entire share of profits/interest of these two ladies from the said firm in the total income of the assessee. In this view of the matter, I do not find any flavour the order of the AAC. I would, therefore, uphold the order of the AAC under appeal. 5. In the result, the appeal is dismissed. - - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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